EARN 1 CRORE FROM SUKANYA SAMRIDDHI YOJANA : SSA SCHEME

 Our respected Prime Minister Shri Narendra Modi had a great vision for betterment of Indian girls. He decided to gift Indian parents for caring their daughters. Today we are going to discuss about SSA Scheme of Government of India. So let's start :

Sukhanya Samriddhi Yojana by GoI

Sukanya Samriddhi Scheme was launched in 2015 by Indian government to back Indian parents to fund education and marriage for their girl child. This was launched by Indian Prime Minister Shri Narendra Modi. This scheme is under "Ministry of Women and Child Development."

Now some questions that you should know before opening this account -

How to apply for opening SSY Account? - Parents should visit to Bank or Post Office and should have birth certificate of the child (girl), and PP Size photo of him/ her and complete KYC (Know Your Customer).

Who are eligible for investing? - Account can be opened by parents by natural or legal parental mode. The girl child must be under 10 years for applying under this scheme. Sukhanya Samriddhi Scheme is valid for two children only. Three children is allowed if after a child next is twin.

Documents required for opening account? - SSY Account opening form. Birth Certificate of the girl child having her name mentioned on that. Photograph of parents / guardian legally or natural parents. KYC for address proof.

Minimum & Maximum limit of investing? - On one account a person can invest minimum one thousand (1,000/-) INR and maximum one lakh and fifty thousand (1,50,000/-) INR can be invested.

Penalty? - If an investor fails to deposit minimum amount for a financial year, he should be liable to pay 50/- INR for per financial year.

Is loan facility available against SSA? - No, there is no such facility available.

Partial Withdrawal? - There is no withdraw allowing before the girl attains 18 years of age. After that she can withdraw 50% of amount for education and marriage purpose.

Premature closer of SSA? - This account can be closed in some severe cases like death of the account holder or extreme medical problems kind situation.

Maturity Date? - If girl reaches 21 year age or she gets marriage, whatever is earlier, is the maturity period of SSA.

How to transfer amount in SSA? - Amount can be transferred by visiting branch with cash, cheque or nowadays online facility is also available that makes transfer from home with one click. Investor can check balance of investing online as well.

Hope all your queries has been solved. If you have any problem regarding any scheme of government of India, make a contact with us. Thanks!

PUBLIC PROVIDENT FUND (PPF) : AN INVESTMENT OPTION, EEE TAX BENEFIT

 Today we are going to discuss about PPF Scheme by Banks and Post Office of India. This is an investment option that is very popular among every age group of citizen of India. You will get every information of Public Provident Fund in this post. So read full article so that you don't miss anything. Let's start -

public provident fund account opening

What is PPF? - Full form of PPF is Public Provident Fund. PPF is a savings scheme introduced by the government of India. This is safe and fully exempted from income tax. You should opt this for long term investment.

Features of PPF? - Public Provident investment offers you safe investment, guaranteed returns, attractive tax benefits. This is backed by the government of India therefore it's fully secure investment option. No-one can claim on your money in PPF that means every single penny in Public Provident Fund account is yours.

Income Tax Benefits? - In new tax system there is no income tax benefit. The deposit amount won't get any deduction benefit under Section 80 c of Income Tax Act. Interest earned and withdrawals are completely tax free. Maturity amount is also tax free, the amount in Public Provident Fund is completely exempt from wealth tax.

Eligibility for opening PPF Account? - An individual who is a resident of India can option PPF account on his name. He can also open account on the name of his children if they are less than 18 years. Minors will get full control over their PPF account when they become major. No joint account under PPF is allowed. Hindu Undivided Family member cannot open a new PPF Account.

Can NRI open PPF Account? - In general circumstances NRI (Non Resident India) are not eligible to open Public Provident Fund.

Where can someone open PPF? - You can open Public Provident Account in any commercial bank. Better will be State Bank of India. You can open PPF in Post Offices as well.

Deposit Amount Limit? - Minimum 500/- in a year and Maximum 1,50,000/- 

Best Time to Deposit? - Deposit between 1-5th of every month if investing in installments. Deposit in April, 1-5th date if depositing lump sum one time in a year.

In-Active Accounts? - If you don't deposit in a financial year minimum amount, your PPF account will be in-active. Now you have to pay 50/- penalty for reopening per financial year the account was inactive. 

Interest Rate? - Interest in PPF various with time. But it is generally 1% higher than Fixed Deposit. As per today (06 Feb, 2020) interest for PPF is 7.1%. This interest follows compounding scheme. 

Compounding Frequency? - PPF account compounds annually. Financial year starts from 1 April every year.

Loan? - Loan facility is available from 3rd FY to 6th FY of opening the account. You can withdraw 25% amount after completion of 2nd Financial Year.

Withdrawal? - Partial withdrawal is allowed after 7th financial year of opening the account. Only one withdrawal is allowed per financial year.

Maturity Period? - PPF maturity period is 15 full financial years. You can extend for 5 years either with contribution or without contribution after completion of maturity.

Premature Closer? - Generally there is no premature closer but some specific situations allow you premature closing of PPF account. But thus way you have to pay 1% penalty.

Nomination? - One can make nominee to a individual person.

Account Transfer? - Public Provident Fund can be transferred from one bank to another bank, one post office to another post office, one bank to post office and vice versa. But PPF account cannot be transferred from one person to another person.

Hope this article has solved your every query. If you have any other query ask us in the comment box.

Thanks & Regards,

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